Memo #
32922

Updated ICI Tracker of Global ESG Developments
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[32922]

November 18, 2020 TO: ICI Members
ICI Global Members
ESG Advisory Group
ESG Task Force
EU ESG Disclosure Regulation Working Group
ICI Global Regulated Funds Committee
ICI Global Regulated Funds Committee - Asia
SEC Rules Committee SUBJECTS: ESG
International/Global RE: Updated ICI Tracker of Global ESG Developments

 

We have updated the tracker, Global ESG Policy Developments,[1] on ICI’s website to reflect several recent ESG policy developments, including:

US ESG Policy Developments

  • SEC Modernization of Regulation S-K;
  • GAO Report on ESG;
  • Public Remarks of SEC Chairman Clayton and SEC Commissioners Peirce, Roisman, Lee and Crenshaw;
  • SEC’s Investor Advisory Committee ESG Related Recommendations;
  • SEC’s Asset Management Advisory Committee Consideration of ESG Related Recommendations;
  • CFTC’s Market Advisory Committee’s Climate-Related Market Risk Subcommittee’s Recommendations; and
  • DOL’s Final Rule on Retirement Plan Investment Selection (i.e., the Rule on ESG Investments).

Global ESG Policy Developments

  • International developments, including at IOSCO, the IFRS Foundation, the FSB Task Force on Climate-Related Disclosures (TCFD), and the CFA Institute;
  • EU-level developments, including ongoing regulatory work related to the Sustainable Finance Disclosure Regulation (SFDR) and Taxonomy Regulation, as well as the EU’s renewed Sustainable Finance Action Plan, the AIFMD Review, Non-Financial Reporting Directive (NFRD), and the EU’s new legislative initiative on sustainable corporate governance; and
  • Asia developments, including consultations from the Hong Kong and Singapore regulators on new TCFD-aligned climate risk requirements for asset managers.

Going forward, we will alert you to updates to the tracker quarterly.  In addition, your ICI Daily email will continue to provide links to our summaries and analyses of new developments as they occur.

We will continue to communicate information on ESG policy developments to the relevant committees (e.g., SEC proposals to the SEC Rules Committee, DOL proposals to the Pension Committee, non-US consultations to the Global Regulated Funds Committee), and ESG Task Force members will receive information on both US and non-US ESG policy developments more broadly. Please let us know if you or a colleague would like to be added to the ESG Task Force distribution list.[2]

For more information on ICI’s engagement on ESG policy issues, please see our ESG Investing Resource Center webpage.[3]

 

Dorothy M. Donohue
Deputy General Counsel - Securities Regulation

Linda M. French
Assistant Chief Counsel, ICI Global

Shannon Salinas
Associate General Counsel - Retirement Policy

 

endnotes

[1] The tracker can be accessed from ICI’s ESG Investing Resource Center webpage at https://www.ici.org/esg. Please ensure that you are logged into the website, and then click on the link titled “Access the tracker chart.”

[2] More information about the ESG Task Force is available at https://www.ici.org/committees/esg_task_force.

[3] See https://www.ici.org/esg.